KB Financial Group, First Domestic Financial Group to Establish 'AI Ethics Standards'

AI Utilization in Financial Services Aims to Enhance Trust... Seven Ethical Values Presented for Introduction, Operation, and Management Stages

[Asia Economy Reporter Yu Je-hoon] KB Financial Group announced on the 24th that it has established 'AI Ethics Standards' to enhance trust in financial services utilizing the recently activated artificial intelligence (AI) technology.

In line with the establishment of these AI ethics standards, KB Financial held a pledge ceremony on the 31st at the KB Kookmin Bank Yeouido Data Center. The event was attended by Oh Soon-young, Head of the Financial AI Center at KB Financial Group (Executive Director), Professor Kim Myung-joo of the Department of Information Security at Seoul Women’s University, and relevant staff members.

AI ethics refers to the ethical principles that must be observed during the development and operation of AI technology. While major domestic and international big tech companies such as Google, META (formerly Facebook), Kakao, and Naver have previously established AI ethics standards or created dedicated organizations, KB Financial is the first domestic financial group to establish AI ethics standards.

The financial sector is considered an area where AI can be rapidly utilized due to the concentration of reliable, high-quality data. However, if AI learns from biased data, it may result in unfavorable outcomes for certain financial consumers. In response, the Financial Services Commission announced the 'Guidelines for AI Development and Utilization in the Financial Sector' last August, and KB Financial also established AI ethics standards to protect financial consumers.

KB Financial’s AI ethics standards were developed by gathering opinions from group executives, employees, and financial consumers, with advice from Professor Kim. They include a total of seven ethical values to be observed at each stage of AI introduction (design), operation, and management. The ethical values pursued during AI technology introduction are ▲Fairness and Inclusion ▲Participation and Collaboration ▲Digital Competency; for AI operation, the necessary ethical values are ▲Data Management ▲Transparent Utilization; and for AI control and management, the ethical values are ▲Controllability ▲Safety and Responsibility. These standards provide criteria to ensure customers can safely use AI financial services.

After establishing the AI ethics standards, KB Financial plans to conduct an AI ethics practice pledge for employees and establish an AI Ethics Committee to apply the standards in actual work. Center Head Oh said, "Based on the trust KB Financial Group has built so far, we will achieve value innovation in finance through ethical AI adoption," adding, "Starting with the establishment of AI ethics standards, we will lead AI in the financial industry sector."

This content was produced with the assistance of AI translation services.